Willow Clinic bases its budgets on patient-visits. During October, the clinic plans for a level of activity of 2,110 pats has provided the following data concerning the formulas it uses in its budgeting: Revenue Personnel expenses Medical supplies Occupancy expenses Administrative expenses Required: Fixed element per month $ 23,300 $ 710 $ $ 4,850 4,110 Variable element per patient-visit $ 40.00 $ 12.00 6.00 $ $ 1.80 $ 0.20
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
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